ADVANDTEL DOMINICANA S. A. GRANTS OPTION TO TLC EXPLORATIONS INC. - Friday, December 14 2007
Advandtel Dominicana S. A. grants option to TLC Explorations Inc. (TLCX) for 7,885 acre - Gold and Copper project in the Dominican Republic.
Toronto, December 10th, 2007 TLC Explorations Inc. is pleased to announce that it has been granted an option from ADVANDTEL DOMINICANA S. A. (Advandtel) regarding Advandtel’s optioned “Majagual Concession”. Advandtel is a private company engaged in mineral exploration, real estate and telecommunications in the Dominican Republic. The Majagual Concession lies on the southern flank of the Dominican Republic’s Cordillera Central, about 42 km west-northwest of the capital city of Santo Domingo. The concession is roughly centered at 18° 28° north latitude and 70° 14° west longitude.
The concession includes part of an historic San Francisco mining district with numerous small, high grade gold-copper mines. Previous exploration on the Majagual Concession has returned encouraging results, especially in the El Cinco Zone, where rock samples returned up to 4.83 g/t Au, and soil samples defined a prominent copper/gold soil anomaly approximately 150x750m, elongated NW-SE.
An earlier exploration program on the El Cinco Zone consisted of grid establishment, soil and rock sampling, detailed geologic mapping, IP and magnetometer surveys, over 500m of trenching, and initiation of baseline environmental and socio-economic studies.
Cu and Au mineralization over an area of at least 600x800m appears to be related to quartz-feldspar porphyry bodies suggesting the presence of a porphyry copper deposit. Previous samples taken by geologist, Hugo Dominquez, from the El Cinco Zone yielded values ranging from <.002 to 27.6 g/t Au and 0.061 to 3.5% Cu.
Given the encouraging results obtained, a drill program is proposed to test the El Cinco Zone for significant Cu/Au mineralization at depth.
The Majagual Concession occupies approximately 3,200 Ha (32.0 km/sq.), or 78.85 million metres of land.
The President of Advandtel, Mr. Rolando Munoz Mejia, Geologist, will be responsible for designing and implementing exploration programs on the Concession. Mr. Munoz-Mejia was previously a Professor of Geology, Hydrology, Mine, Mining I & II, Soil Mechanics & Evaluation of Project Term Papers at the Instituto Tecnologico del Cibao Oriental (ITECO). Mr. Munoz-Mejia, starting as a Field Geologist, advanced to Technical Assistant Director at the General Mining Office, Dominican Republic before becoming a consultant to various commercial mining organizations.
Under the terms of the agreement, TLCX can earn 70% interest in the 7,885 acre gold/copper Majagual Concession from Advandtel by providing a combination of cash, work commitments and shares.
Total consideration by TLC Explorations Inc. includes US$3,000,000 and 1,700,000 shares of TLCX, including an initial deposit (previously advanced).
TLCX may earn an initial interest of 25% by advancing US$750,000 by June 30, 2008; an additional 26% interest for US$1,000,000 by June 30, 2009; and a final payment of US$1,250,000 by December 31, 2009 for 19%, for a total of 70% carried interest. TLCX shares issued to Advandtel will consist of three tranches: 500,000 shares at signing, 500,000 shares after completion of 51% interest earned by TLCX, and 700,000 shares on completion of 70% interest in the property. Advandtel has further agreed to set aside drilling capital of US$500,000 in the first twelve months of the option, and agrees to employ the services of Energold Drilling Corp. (www.energold.com) for all drilling conducted on the Concession, subject to Energold providing competitive pricing for work contracted.
The Dominican Republic is host to several large geological formations, including the Pueblo Viejo mine, the largest gold deposit in the Caribbean Basin. The Pueblo Viejo mine (now owned by Barrick) produced 5.4 million ounces of gold and 24.4 million ounces of silver between 1975 and 1999 and contains up to 35 million ounces in remaining resources (Ruiz, 1997). After Pueblo Viejo, the Trinidad target in the Bayaguana district is the next largest and most important high-sulfidation hydrothermal system discovered in the Los Ranchos Formation to date (Nelson, 2000).
For Further Information contact:
Charles J. Elbourne, President TLC Explorations Inc.
